Problem
A construction firm owns a concrete batching plant on which there is a $150,000 mortgage. The mortgage's interest rate is 7%, and it is to be paid off in 25 equal annual payments. After the 13th payment, the firm refinances the balance at 6%, to be paid off in 35 equal annual payments. What will be the firm's new annual payments?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.